5 Important Insights into 2016's Biggest Business Trends
What’s changing, what’s staying the same and what are the implications
The business world changes with every year and 2016 is no exception. The influence of emerging technologies, the influx of millennials into the workforce and the trends of the global economy all have an impact on the recruiting and hiring practices of businesses around the world. For those considering a career change or professionals who are looking to pave their way to upper level positions, it’s smart to get insight into what companies will be looking for and how they’ll be altering their hiring efforts in the new year. So here’s a quick look at some of the most significant business trends the new year will bring:
1. As Boomers retire—Millennials will take their spots
While baby boomers (about 74 million people) were once the largest generation, experts predict that Millennials will exceed them by about a million. But more importantly than their mass in numbers, Millennials are hitting the workforce and filling in the gaps that are occurring as Baby Boomers retire.
While many management spots in businesses across the world were filled by this generation, as they approach retirement age, those positions are opening up for the next generation of leaders.
Companies that embrace millennials stand to benefit from their advanced tech skills and higher education level as well as their unique desire to have a career that makes a positive impact on the world.
2.The demand for MBAs will increase—again
While MBAs have been consistently in demand, a survey of corporate recruiters on May 19, 2015 showed that the demand for graduate management talent has reached a historic high. An article on Poets and Quants states that 92 percent of companies in the US plan to hire MBA graduates this year, which is a jump of 12 percent from the year before. It also notes that employer demand for recent business school graduates, especially those who have data analytic skills, continues to increase as companies expect these new workers to use data to drive business decisions.
3. Top companies will use video as part of their recruiting efforts
There’s no disputing the popularity of videos—just look at how many Youtube videos are viewed and shared on a daily basis around the world. With that in mind, many recruiters are discovering the value of using videos to engage and excite potential employees. Many companies are encouraging employees to shoot videos from their smart phones to showcase their culture. There’s also going to be an increase in video job descriptions, interviews and even offers for employment.
4. There will be an increase in recruiting innovators
We’ve all heard about the winning company cultures of leading innovators like Google, Apple, Facebook and Amazon, but what makes them so successful goes even deeper. These companies have a much higher productivity level than others because their focus has always been on recruiting and hiring innovators.
In the coming years, innovation will become more and more critical and only those companies that have a workforce of peak performers will excel in their industry. So hiring managers will not only be looking for professionals who possess the right skills, but they’ll also be tapping into social media and other technology driven platforms to gain access to the right candidates.
Whether through videos, blogs and sites like LinkedIn, Facebook, Twitter, Instagram and more, organizations looking for top talent will embrace social media in their hiring practices.
5. Many companies will offer tuition assistance to employees
Across the United States, many companies realize the benefit of investing in the educational advancement of their employees as more roll out programs that offer to cover the costs for their workers who are pursuing college degrees, both undergrad and graduate programs included.
Fiat Chrysler, for example, announced their program that will provide 100 percent coverage for tuition for more than 110,000 employees across their enterprise. Other organizations, including Starbucks, McDonald’s, Apple, Bank of America and more, are either expanding their tuition reimbursement programs or continuing their current ones. It only makes sense since these and other top companies not only understand the value of advanced degrees, but also because they seek to develop their employees to take on higher level positions.
For anyone who’s either seeking a new opportunity or is about to enter the workforce, these insights will be helpful in achieving your goals. If you’re one of the many professionals who is considering pursuing an MBA, be sure to research CSUMB’s online MBA program and discover the benefits of earning your degree while pursuing your career.